Home Retail reports disappointing festive sales
Home Retail, which supermarket group Sainsbury's wants to buy, said Argos suffered a 13 per cent reduction in traditional walk-in sales during December and a 10 per cent increase in digital sales was not enough to compensate.
Analysts had expected like-for-like sales at Argos to rise by 0.3 per cent in the 18 weeks to 2 January.
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Hide AdHome Retail said its benchmark pre-tax profit for the financial year ending February would be around the bottom of the current range of market expectations of £92m to £118.m
Like-for-like sales at DIY chain Homebase rose five per cent. It said late on Wednesday it was close to selling Homebase to Australia's Wesfarmers.